STX Price Reaction

Analyzing STX's overall uptrend within an ascending channel, highlighting the breakout through resistance, subsequent pullback, and potential movement towards the channel's lower boundary amidst the formation of bearish candles.

4/16/20241 min read

Chart displaying STX's uptrend within an ascending channel, with emphasis on resistance breakout, pu
Chart displaying STX's uptrend within an ascending channel, with emphasis on resistance breakout, pu

STX is in an overall uptrend. Prices have moved within an ascending channel, forming higher lows and higher highs.
After breaking through a resistance marked in orange and performing a pullback, the price has reached the channel's upper boundary. Currently, with the formation of bearish candles, the price is reacting to the resistance at the top of the channel and may move towards the channel's lower boundary. Daily analysis also indicates a corrective phase.